Citigroup Announces $1.5 Billion Redemption of 2.312% Fixed Rate / Floating Rate Notes due 2022 and $500 Million Redemption of Floating Rate Notes due 2022

Rhea-AI Summary

Citigroup Inc. announced the redemption of $1.5 billion of its 2.312% Fixed Rate / Floating Rate Notes and $500 million of Floating Rate Notes, both due 2022, with a redemption date set for November 4, 2021. These actions are part of Citigroup's liability management strategy aimed at enhancing funding efficiency and capital structure. The cash redemption price will equal par plus accrued interest, with interest ceasing on the redemption date. Citigroup will continue to assess opportunities for redeeming or repurchasing securities based on various economic and regulatory factors.

Positive

• Redemption of $2 billion in debt helps improve capital structure.
• Redemptions align with Citigroup's liability management strategy.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Citigroup Inc. is announcing the redemption, in whole, constituting $1,500,000,000 of its 2.312% Fixed Rate / Floating Rate Notes due 2022 (the “FXD / FRN notes”) (ISIN: US17308CC463), and the redemption, in whole, constituting $500,000,000 in aggregate principal amount, of its Floating Rate Notes due 2022 (the “FRN notes” and together with the FXD / FRN notes, the “notes”) (ISIN: US17308CC380).

The redemption date for the notes is November 4, 2021 (the “redemption date”). The cash redemption price payable for the notes on the redemption date will equal par plus accrued and unpaid interest.

The redemptions announced today are consistent with Citigroup's liability management strategy, and reflects its ongoing efforts to enhance the efficiency of its funding and capital structure. Citigroup will continue to consider opportunities to redeem or repurchase securities, based on several factors, including without limitation, the economic value, regulatory changes, potential impact on Citigroup's net interest margin and borrowing costs, the overall remaining tenor of Citigroup's debt portfolio, capital impact, as well as overall market conditions.

Beginning on the redemption date, the notes will no longer be outstanding and interest will no longer accrue on such securities.

Citibank, N.A. is the paying agent for the FXD / FRN notes. For further information on the FXD / FRN notes, please see the related prospectus supplement at the following web address: https://www.citigroup.com/citi/fixedincome/data/docs/401703319_1.pdf

Citibank, N.A. is the paying agent on the FRN notes. For further information on the FRN notes, please see the related prospectus supplement at the following web address: https://www.citigroup.com/citi/fixedincome/data/docs/401703318_1.pdf

Citi

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

View source version on businesswire.com: https://www.businesswire.com/news/home/20211029005412/en/

Media: Danielle Romero-Apsilos (212) 816-2264

Investors: Jennifer Landis (212) 559-2718

Fixed Income Investors: Thomas Rogers (212) 559-5091

Source: Citigroup Inc.

FAQ

What is Citigroup's recent debt redemption announcement?

Citigroup announced the redemption of $2 billion in fixed and floating rate notes due 2022, scheduled for November 4, 2021.

How much debt is Citigroup redeeming?

Citigroup is redeeming $1.5 billion of Fixed Rate / Floating Rate Notes and $500 million of Floating Rate Notes.

What is the purpose of Citigroup's debt redemption?

The redemption is part of Citigroup's strategy to enhance its funding efficiency and capital structure.

When is the redemption date for Citigroup's notes?

The redemption date for the notes is set for November 4, 2021.